2019 was a momentous year for us, where we kick-started the year with the unveiling of our 2022 strategy, announcing a renewed focus on the digital, media, sports, and financial services industries.
2019 was yet another year of remarkable success for us at QFC.
Recording exceptional growth of 35% and reaching over 800 registered firms on the platform. We witnessed key milestones over the course of the year from the unveiling of our 2022 strategic roadmap that places a key focus on clusters poised for growth, to signing 11 landmark MoUs with world-renowned entities, to taking a more prominent role in key global conferences and continuing to connect with new markets around the world.
Our nation’s robust economic landscape is owed in large part to His Highness Sheikh Tamim Bin Hamad Al Thani, Amir of the State of Qatar, who has made significant progress in the economy through key legal and business reforms. Qatar’s recent reforms include the cabinet’s approval of Qatar’s private-public-partnerships law as well as a single window e-portal to facilitate easier business set-up, which will jointly contribute to a favourable investment environment that’s increasingly being recognised on the world stage.
It is no doubt that our reflection of 2019 is set against an impressive economic backdrop with real GDP growth calculated at 0.5%, according to estimates by The World Bank. Complementing Qatar’s commitment to maximize resource-based revenue and to remain as one of the largest exporters of LNG and GTL, is the great emphasis on economic diversification and the development of the private sector.
In 2019, Qatar has taken major strides that are shaping the Nation’s reputation as a business destination and gateway of choice to the larger MENA region. This includes a number of mega projects as part of a multi-billion-dollar infrastructural development, comprised of big-ticket transport projects coupled with the rapid expansion of tourism, education and real estate, which continue to bolster our economy and attract foreign direct investment.
I congratulate everyone at QFC on the achievements of 2019 under the leadership of Yousuf Mohamed Al-Jaida, Chief Executive Officer. I anticipate that in 2020, with the QFC’s continued, exceptional delivery on its core mandate paired with the sustained growth and success of our economy, we will soar to even greater heights.
A word from the chief.
QATAROver the last year we have seen Qatar more proactive than ever in boosting activity to stimulate foreign direct investments in line with international best practices. Careful government planning and strategic investments paired with key legal and business reforms enacted by His Highness Sheikh Tamim Bin Hamad Al Thani, Amir of the State of Qatar, continue to shape and position Qatar as one of the fastest growing and dynamic economies in the world. The numbers across foreign direct investment point to impressive growth; at the end of the second quarter of 2019, FDI rose by 11.3%, stood at $209.6 billion, up from $188.3 billion in the same period in 2018. On a quarterly basis, Qatar’s foreign investment grew by 5%, from QR722.6 billion ($199.6 billion) at the end of the first quarter of 2019 >
QFCSimilarly, the QFC has seen tremendous development of its own in 2019 as we continue to deliver on our core mandate of promoting economic diversification and attracting FDI to Qatar. We witnessed exceptional growth of 35 percent with nearly 200 firms being registered on the platform in 2019 alone, strongly edging us nearer to our 1,000 firms target that we set on a couple of years ago. Mirroring the nation’s commitment to sustaining healthy bilateral economic ties, the QFC connected with key markets around the world including Russia, Turkey, Hong Kong, Japan, Taiwan, France, Spain, London, Switzerland, South Africa, United States, and more.
2022 STRATEGYWe began the year with the unveiling of our 2022 strategy, where we announced our commitment to focusing on the highly-developed and growing digital, media, sports and financial services sectors. We can already count several key agreements signed across these sectors with local and international entities that will both support our growth in attracting these industry-specific firms, and also aim to leverage the knowledge and expertise of world-class institutions to contribute to Qatar’s diversifying economic landscape. The QFC is already proudly home to leading Fintechs such as Goals 101, QPay, and Instimatch, media outlets such as Bloomberg, and key sports entities including Qatar SportsTech and FIFA World Cup Qatar 2022 LLC.
IPAQ2019 also saw the launch of the Investment Promotion Agency of Qatar (IPAQ), which is registered on the QFC platform and aims to be a single and complete source for investment solutions in Qatar by attracting FDI in all of the country’s priority sectors. IPAQ is testament to the nation’s FDI strategy and will complement the efforts of the QFC and other FDI platforms in Qatar.
INTERNATIONAL MEMBERSHIPSBy joining two international bodies committed to establishing a sustainable global financial industry – namely the World Alliance of International Financial Centers and the Islamic Financial Services Board – and participating in over 40 local and international as well as welcoming delegations from all over the world, I am proud that the QFC’s growing reputation as a leading platform for firms to do business in Qatar and beyond continues to grow.
I am certain that with the many successes we witnessed in 2019, we had the same hopes for 2020. With the growing public health crisis of Coronavirus (COVID-19), however, we’re seeing our local and global economy faced a set of critical pressures and challenges. We are fortunate for the speedy and proactive response of our government and our public and private sectors, each of which are taking extensive measures that highlight the resilience of our leadership and our economy.
At a Glance
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Partnerships, at home and abroad.
Further in line with our core mandate to promote economic diversification and attract foreign direct investment, we organised a series of international roadshows in strategic markets.
International key-players, active thought-leaders.
At the front, on the local front.
In a strategic partnership with Bloomberg, we launched a remote Bloomberg Television studio for live reports at our headquarters. We also co-hosted ‘The Future of Investing: Spotlight on Qatar’ on the sidelines of the UNGA in New York.
We were also a key sponsor of the Qatar IT Conference and Exhibition (QITCOM) which saw panel discussions on the QFC’s contribution to Qatar’s growing digital sector as well as the signing of a strategic partnership with Microsoft.
We held the second edition of our annual ‘Qatar Business Awards.’ This year, we opened the awards to all businesses across Qatar as part of our ongoing efforts to recognise achievements of the nation's growing business community.
Locally, the QFC curated an engaging panel on Islamic Finance at the Doha Forum for which it was a key sponsor, having served as an ideal platform to launch and discuss key findings in the QFC’s 2019 Annual Islamic Finance Report.
2019 also saw the launch of the Investment Promotion Agency of Qatar (IPAQ), which is registered on the QFC platform and aims to be a single and complete source for investment solutions in Qatar by attracting FDI in all of the country’s priority sectors. The QFC works closely with IPAQ, flying one flag to attract business to Qatar.
Key highlights, major achievements.
Successfully obtained the Council of Ministers’ approval for QFC companies to participate in government tenders.
Signed a strategic partnership with Bloomberg to open the first Bloomberg Television studio in Qatar for live reports out of our headquarters in Doha.
Developed an Asset Management Sector focus with a strong network of Qatari investment managers and tax benefits to attract new asset managers and funds.
Developed tax and legal groundwork to promote QFC as platform for Aviation Finance with interest from international Aircraft lease companies to set up at QFC.
Net Promoter Score
Achieved a Net Promoter Score of 73, highlighting our clients’ willingness to promote and recommend our business platform.
Qatar Business Awards
Held our 2nd annual Qatar Business Awards under the patronage of the Ministry of Commerce and Industry and extended the event to the wider business community for the first time.
24/7 Call Centre
Launched our multi-lingual QFC Call Centre, which is now fully operational 24/7 and services all our departments and clients.
Benefits to Investment Managers
Amended our tax regime to allow investment managers in QFC to elect for the 0% concessionary rate for certain types of income.
2022 Tax Exemption
Issued a Concessionary Statement of Practice (CSOP), granting QFC entities involved in the organisation of the FIFA World Cup Qatar 2022 an exemption from tax.
Made headway on Qatarisation efforts, with overall number of Qatari Nationals at QFC increasing by a further 13% in 2019.
We broke records, and reached new milestones.
The highest growth-rate to date.
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+323% beyond our annual target.
FTEs (Excluding 3,000 Host Broadcast Services (HBS), and 4,840 ITECO part-time employees)
A warm welcome to our newly licensed firms.
A total of 204 firms were licensed in 2019.
Non-regulated firms by permitted activities.
Non-regulated firms by legal structure.
Top countries of origin of 2019 licensed firms.
On the digital path to full automation.
Moving more efforts into the digital space.
We automated our certifications.
The generation of QFC Registration Certificates and signing has been moved digitally. The user is then able to verify these documents through our public register verification engine.
We automated our payments.
Implemented Host to Host (H2H) automation with Masraf Alrayan bank for our payment processing. This automation process eased the approval SLA matrix for the authority and eliminated the manual signature.
We automated our client care.
To ensure that we continue to provide our best client support, we utilised Microsoft Power App technology to track and manage all the queries of our firms.
We automated our vehicle insurance.
Through Vehicle Insurance Registration System (VIRS), we integrated our licensed insurance firms with the Ministry of Interior which made policy submissions to Traffic Departments automated, instant, and paperless.
We digitised our event branding.
We have significantly reduced our print-branding by investing in a number of digital screens. These screens replaced the traditional paper roller-banners at all our internal and external events.
We digitised our publications.
We replaced the traditional book publications with digital alternatives. This Growth Report is living proof of that, as 2019 marks the second year in which our annual review report is fully digitised.
Socially responsible, community invested.
United for more good.
Since the launch of our social investment programme 'United for Good', several successful initiatives focused on Youth & Education and Community Development have been successfully implemented.
In 2019, we've expanded our focus and mobilised our CSR initiatives under three focus areas: Financial Literacy and Youth Empowerment, Sustainability and Social Engagement.
We collaborated with Qatar Stock Exchange and Qatar National Bank to host Global Money Week Qatar 2019, a week-long campaign designed to promote financial education among school children.
We announced our partnership with the Office of the UN Secretary-General's Humanitarian Envoy and the UN, to collaborate in raising awareness about global humanitarian challenges amongst the greater business community in Qatar.
We sponsored 'No Child left Out' a fund-raising campaign by Education Above All which aims to educate marginalised children and give them a brighter future. About 300,000 children benefit from the campaign.
We sponsored a student delegation to the 23rd Youth Assembly in New York City, which connected the world’s young talent with leading professionals in various fields to gain the relevant knowledge they need to tackle global challenges.
Our Busmah programme remained instrumental. We engaged Injaz volunteers during our series of client targeted events, Fast Forward, to give them visibility and access to a rich community of possible volunteers.
A decade of capacity building in the professional market.
Qatar Finance & Business Academy
Who benefited from this program?
The private sector companies that benefited from the programme include all Qatar-based local and international financial institutions, DNFBPs, and charities.
Key Financial Services Clients
Key Ministry & Corporate Clients